Private Equity

PE Fund Investments

Nithia Capital acquires insolvent steel maker Crest for Rs.600-Cr

Business Standard  

Nithia Capital has acquired Chhattisgarh-based Crest Steel and Power Pvt Ltd for INR 600 crore, under an insolvency process, in partnership with Amalgam Steel Pvt Ltd (ASPL). Crest is an integrated plant with a sponge iron capacity of 225 kilo tonnes per annum (KTPA). The plant has over 400 acre land, providing room for brownfield expansion with a private railway siding. Founded in 2010 by Jai Saraf, Nithia is a global advisory and investment firm that specialises in turning around heavy asset-backed underperforming industries in steel, power, resources and allied industrials. It has offices in Singapore, London, Mumbai and Dubai.

From the Venture Intelligence PE-VC Deal Database: In 2020, Nithia had acquired two other steel makers Uttam Galva Metallics and Uttam Value Steel for over $300 million.